Forward Industries, the largest institutional holder of Solana (SOL), is confronting nearly $1 billion in unrealized losses on its massive treasury position, even as its leadership reaffirms an ambitious vision to become the "Berkshire Hathaway of the Solana ecosystem." The company's concentrated bet on SOL has been severely tested by the altcoin's steep decline, which has fallen nearly 30% year-to-date and is trading around $87, far below the firm's average acquisition cost.
The firm began accumulating SOL in September 2025 after raising approximately $1.65 billion through a private investment in public equity (PIPE) backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. According to CoinGecko data, Forward Industries holds over 6.9 million SOL, acquired at an average price of around $230 per token, implying a total cost basis of roughly $1.59 billion. With SOL's current price, the stake is worth approximately $605.2 million, representing an unrealized loss of nearly $1 billion, or roughly 62% from its entry point.
"Our longer-term aspiration is to be the Berkshire Hathaway of the Solana ecosystem. We believe Solana is best positioned as the blockchain for the future of internet capital markets," said Forward Industries' CIO Ryan Navi, emphasizing the firm's conviction despite the significant paper loss. The company's stock (FWDI) has also suffered, falling from over $39 to roughly $5 since it started buying SOL, with a 31.47% decline in 2026 alone according to Google Finance data.
Forward Industries is not alone in facing losses. Other Solana-focused digital asset treasury (DAT) firms like DeFi Development Corp, Upexi, and Sharps Technology are also sitting on significant unrealized losses. The pain extends beyond the Solana ecosystem, with Bitmine's Ethereum (ETH) holdings showing unrealized losses exceeding $7 billion and Strategy's Bitcoin (BTC) position carrying paper losses of roughly $5 billion, according to Saylortracker data.
Despite the price struggles, Solana's ecosystem development continues. The network recently launched "Solana Payments," a new initiative to accelerate on-chain payment adoption. Major players including Visa, PayPal, Stripe, Western Union, and Fiserv are reportedly running live products on the network, not just pilots. Solana has processed over 480 billion transactions and facilitates approximately $2 trillion in stablecoin transfers per quarter.
The situation highlights the vulnerabilities of the broader DAT model, where publicly listed companies hold crypto assets as primary balance sheet instruments. A synchronized market decline compresses asset values while equity investors reprice risk, testing both balance sheets and investor confidence. Forward Industries' bet on SOL's long-term value may yet prove correct, but the timeline and the market's patience for it remain open questions.
